电子 2024 年 08 月 16 日 海光信息 (688041) ——业绩符合预期，存货等前瞻指标显示下游旺盛需求 | --- | |---------------------| | 2024 年 08 月 15 日 | | 76.60 | | 90.26/49.31 | | 9.3 | | 0.14 | | 67,910 | | 2,877.36/8,370.12 | | | | --- | --- | |--------------------------|---------------------| | 基础数据: | 2024 年 06 月 30 日 | | 每股净资产（元） | 8.27 | | 资产负债率% | 12.87 | | 总股本/流通 A 股（百万） | 2,324/887 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-1509-1510-1511-1512-1501-1502-1503-1504-1505-1506-1507-1508-15 -40% -20% 0% 20% 40% 60% 80% 海光信息 沪深300指数 (收益率) 相关研 ...

证券研究报告 公司点评 海光信息(688041.SH) 电子｜ 半导体 24H1 收入快速增长，下游需求持续高企 2024 年 08 月 15 日 评级 增持 | --- | --- | |---------------------|-------------| | | 维持 | | 交易数据 | | | 当前价格（元） | 73.57 | | 52 周价格区间（元） | 49.66-88.00 | | 总市值（百万） | 171001.56 | | 流通市值（百万） | 65224.02 | | 总股本（万股） | 232433.90 | | 流通股（万股） | 88655.80 | 涨跌幅比较 海光信息 半导体 -29% 21% 71% 121% 2023/08 2023/11 2024/02 2024/05 何晨 分析师 执业证书编号:S0530513080001 hechen@hnchasing.com 黄奕景 研究助理 huangyijing@hnchasing.com | --- | --- | --- | --- | |----------|-------|-------|--------| | ...

证券研究报告 | 2024年08月16日 海光信息（688041.SH） 优于大市 收入加速增长，业务经营稳健 24Q2 收入加速增长，扣非归母净利润超预告中值。公司 24H1 实现营业收入 37.63 亿元，同比+44.08%；归母净利润 8.53 亿元，同比+25.97%；扣非归母 净利润 8.18 亿元，同比+32.09%，超业绩预告中值。分季度看，24Q2 实现营 业收入 21.71 亿元，同比+49.67%、环比+36.35%，季度收入加速增长；实现 归母净利润 5.65 亿元，同比+28.95%、环比+95.77%；实现扣非归母净利润 5.46 亿元，同比+27.37%、环比+100.74%。 盈利能力稳步提升，研发费用资本化比例大幅下降。随着公司新一代 CPU、 DCU 产品逐步放量，公司盈利能力稳步提升，24Q2 毛利率为 63.8%，环比+1.0 个 pct。24Q2 公司费用率环比 27.0%，环比-9.2 个 pct，其中销售、管理、 研发、财务费用率依次为 1.8%、1.6%、25.6%、-2.1%，分别环比-0.2、-0.4、 -10.5、+1.8 个 pct。此外，24Q2 资本化 ...

海光信息（688041.SH）/计 算机 证券研究报告/公司点评 2024 年 08 月 15 日 [Table_Industry] 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 总股本(百万股) 2,324 流通股本(百万股) 887 市价(元) 76.60 市值(百万元) 178,044 流通市值(百万元) 67,910 [基Ta本ble状_P况rofit] 海光信息：24H1 业绩持续高增，CPU+DCU 前景向好 [评Ta级ble：_T买itle入] （维持） 分析师：孙行臻 执业证书编号：S0740524030002 Email：sunxz@zts.com.cn 市场价格：76.60 [公Ta司ble盈_F利in预anc测e1及] 估值 | --- | --- | --- | --- | --- | --- | |--------------------|-------|-------|-------|--------|--------| | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（ ...

Investment Rating - The report assigns a "Buy-A" rating to Hygon Information (688041 SH) for the first time [1] Core Views - Hygon Information's revenue and net profit continue to grow at a high rate, with DCU new products expected to drive accelerated revenue growth [1] - The company's CPU and DCU products are in the domestic first tier in terms of product performance and industrial ecology, and are expected to continue to benefit from the localization substitution of CPU and AI chips [3] - The company's DCU and CPU new generation products are expected to drive accelerated revenue growth [2] Financial Performance - In 2024 H1, the company achieved revenue of 3 763 billion yuan, a year-on-year increase of 44 08%, and net profit attributable to the parent company of 853 million yuan, a year-on-year increase of 25 97% [2] - In 24Q2, the company achieved revenue of 2 171 billion yuan, a year-on-year increase of 49 67%, and net profit attributable to the parent company of 565 million yuan, a year-on-year increase of 28 95% [2] - The company's net profit margin reached 32 58% in 2024 H1, a year-on-year decrease of 1 56 percentage points [2] Product Development - Hygon's DCU ShenSuan series products have leading domestic performance, supporting full-precision model training, and the latest ShenSuan No 2 has been released and commercialized, with performance doubling compared to ShenSuan No 1 [2] - The company's CPU products are iterated by generation, with the current main product being Hygon No 3, and Hygon No 4 was officially released on October 31, 2023, with Hygon No 5 under development [2] R&D and Market Expansion - In 2024 H1, the company's R&D expenses increased by 35 21% year-on-year to 1 131 billion yuan, with R&D expense ratio reaching 30 06%, mainly due to the increase in R&D personnel [2] - The company's sales expenses increased by 62 39% year-on-year to 71 million yuan in 2024 H1, with sales expense ratio increasing to 1 89% [2] Inventory and Future Confidence - As of the end of June 2024, the company's inventory amount was 2 455 billion yuan, an increase of 746 million yuan compared to the end of March 2024, mainly due to the company's further increase in raw material inventory, demonstrating confidence in future downstream demand and business growth [2]

证券研究报告 海光信息 (688041 CH) 2Q24：招标频起，业绩保持高增 投资评级(维持): 买入 目标价(人民币): 93.80 华泰研究 中报点评 2024 年 8 月 15 日│中国内地 半导体 2Q24：营收和利润均实现同环比高增，盈利能力大幅提升 海光信息 2Q24 实现营收 21.71 亿元（yoy：+49.67%，qoq：+36.35%）， 归母净利润 5.65 亿元（yoy：+28.95%，qoq：+95.77%），扣非归母净利 润 5.46 亿元（yoy：+27.37%，qoq：+100.74%）。随着市场需求增加，客 户对公司产品认可度进一步增强，同时公司持续提升产品性能，加大市场拓 展力度，单季度营收实现同环比高增。2Q24 产品结构升级带动毛利率环比 改善，且费用管控加强，公司 2Q24 归母净利率提升至 26.02%。2024-2027 年行业信创有望加速推进，国产算力也将逐步进入舞台中央，维持 24/25/26 年收入预测 87.19/121.08/148.07 亿元，归母净利润预测 17.48/25.88/31.30 亿元，公司作为国内稀缺 CPU+DCU 企业，产品性能 ...

2024年08月15日 电子 海光信息(688041.SH) 公司业务运营稳健，中报业绩表现优异 推荐 ( 维持) 事项： 股价:73.57元 主要数据 | --- | --- | |-------------------|---------------------------------| | 行业 | 电子 | | 公司网址 | www.hygon.cn | | 大股东/持股 | 曙光信息产业股份有限公司/27.96% | | 实际控制人 | | | 总股本(百万股) | 2,324 | | 流通A股(百万股) | 887 | | 流通B/H股(百万股) | | | 总市值(亿元) | 1,710 | | 流通A股市值(亿元) | 652 | | 每股净资产(元) | 8.27 | | 资产负债率(%) | 12.9 | 行情走势图 证券分析师 | --- | --- | |-------|--------------------------| | 付强 | 投资咨询资格编号 | | | S1060520070001 | | | FUQIANG021@pingan.com.cn | | 闫磊 | 投资咨询 ...

公 司 研 究 电子/半导体 海光信息（688041.SH） 2024 年 08 月 15 日 Q2 收入增长提速，国产算力领军地位巩固 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |--------------------|-------------| | 日期 | 2024/8/14 | | 当前股价(元) | 73.57 | | 一年最高最低(元) | 90.26/49.31 | | 总市值(亿元) | 1,710.02 | | 流通市值(亿元) | 652.24 | | 总股本(亿股) | 23.24 | | 流通股本(亿股) | 8.87 | | 近 3 个月换手率(%) | 105.24 | 股价走势图 海光信息 沪深300 -24% 0% 24% 48% 72% 2023-08 2023-12 2024-04 数据来源：聚源 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 陈宝健（分析师） 刘逍遥（分析师） chenbaojian@kysec.cn 证书编号：S0790520080001 liuxiaoyao@kysec.cn 证书编号：S07905200 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [15]. Core Views - The company's H1 2024 results slightly exceeded the forecast median, with revenue reaching 3.763 billion yuan, a year-on-year increase of 44.08% [2]. - The company is well-positioned to benefit from the domestic demand for computing power driven by the national integrated computing network and the "East Data West Computing" initiative [3]. - The company has made significant progress in adapting its products to AI large models, including the recent adaptation to Tongyi Qianwen, showcasing its advancements in the AI field [4]. Summary by Sections Financial Performance - For H1 2024, the company achieved a net profit of 853 million yuan, a year-on-year increase of 25.97% [2]. - The gross margin for H1 2024 was 63.43%, showing a year-on-year increase of 0.56 percentage points [2]. - The company expects to achieve revenues of 8.699 billion yuan in 2024, with a projected net profit of 1.839 billion yuan [5]. Market Opportunities - The report highlights the growing demand for computing power in various sectors, including internet, finance, and telecommunications, with over 30 cities in China building or planning intelligent computing centers [3]. - The anticipated procurement of AI servers by major telecom operators indicates a significant opportunity for the company in the domestic computing chip market [3]. Product Development - The company has rapidly increased its R&D personnel from 1,283 at the end of 2022 to 1,855 by H1 2024, indicating a strong focus on product iteration and innovation [4]. - The successful adaptation of its products to major AI models positions the company as a leader in the domestic AI computing landscape [4].

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company achieved significant growth in H1 2024, with revenue reaching 3.763 billion yuan, a year-on-year increase of 44.08%, and net profit attributable to shareholders of 0.853 billion yuan, up 25.97% year-on-year [1][6]. - The company continues to enhance its R&D investment, with R&D expenses amounting to 1.131 billion yuan in H1 2024, reflecting a year-on-year increase of 35.21% [1][6]. - The company is positioned as a leader in the domestic GPU market, with its CPU and DCU products demonstrating excellent performance and a growing ecosystem [1][6]. - The development of AI has reached a strategic height, with accelerated construction of domestic intelligent computing centers [1][6]. - The company is committed to its "Xinchuang" strategy, establishing core barriers in the x86 and CUDA ecosystems [1][6]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 3.763 billion yuan, a 44.08% increase year-on-year, and a net profit of 0.853 billion yuan, a 25.97% increase year-on-year [1][5]. - R&D expenses for H1 2024 were 1.131 billion yuan, up 35.21% year-on-year, with 91.07% of employees in R&D roles [1][5]. Product and Market Position - The company's CPU is widely applicable in the domestic processor market, offering high reliability and security, along with a rich software and hardware ecosystem [1][5]. - The DCU product, a type of GPGPU, supports full-precision model training and is compatible with major domestic AI models [1][5]. Strategic Initiatives - The government is promoting AI applications, with initiatives to enhance computing power infrastructure by 2025 [1][5]. - The company is strengthening its position in the semiconductor industry amidst increasing external complexities and export restrictions [1][5]. Financial Projections - Revenue projections for 2024-2026 are 8.275 billion yuan, 11.060 billion yuan, and 14.473 billion yuan, respectively, with net profits expected to be 1.706 billion yuan, 2.268 billion yuan, and 2.943 billion yuan [1][5].